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“What in God’s name were you thinking?”- Sen. Kennedy to Wells Fargo CEO

WASHINGTON, D.C. – Today at the U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing, U.S. Sen. John Kennedy (R-La.) questioned Wells Fargo CEO Timothy Sloan about the egregious lapse in judgment that led to the creation of 3.5 million unauthorized deposit accounts and more than 500,000 unauthorized credit card applications. 

Click here to watch Sen. Kennedy question Mr. Sloan or click the link below.

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“Like you I believe in the free enterprise system.  I believe that the free enterprise system has lifted more people out of poverty than all of the social programs put together,” said Sen. Kennedy.  “I am certainly not anti-business.  You can’t be for jobs if you are against business.  What I am curious about is what in God’s name were you thinking?  I am not against big business.  With all due respect, I am against dumb.  I’m against a business practice which puts Wells Fargo first and customers second.”

This hearing occurred one year after Wells Fargo’s then CEO John Stumpf appeared before the Senate Banking Committee to testify about the phony accounts.  Mr. Stumpf resigned shortly after the hearing.  Wells Fargo has since entered into a $185 million settlement with its customers.